A new survey has revealed that more than half of British millionaires would consider leaving the UK if a wealth tax is introduced, with the United Arab Emirates ranking among the top destinations of interest.
High-net-worth migration trends
According to the Arton Capital Affluence and Elections Survey, 60% of UK-based millionaires believe they could enjoy a better quality of life abroad.
The study, conducted by Canada-based consultancy Arton Capital, found that 82% of respondents are open to investing in Golden Visa or Citizenship by Investment programmes.
Among preferred destinations, the United States ranked highest (35%), followed by Canada (33%) and Australia (25%). The UAE secured fourth place, attracting 17% of those surveyed.
Analysts say this reflects continued interest in English-speaking countries and the appeal of the UAE’s luxury lifestyle and investment-friendly environment.
Labour voters and investment outlook
The findings come amid concerns about the UK government’s stance on taxation. Nearly half (47%) of millionaire Labour voters said they would be more likely to relocate if a wealth tax were introduced.
Despite these concerns, 66% of surveyed millionaires still view the UK as a competitive investment destination. The country’s reputation as a global financial centre may be contributing to this sentiment.
Commenting on the results, Armand Arton, CEO of Arton Capital, said: “The UK is at a tipping point. The uncertainty around the government’s proposed wealth tax mirrors the ongoing economic uncertainty seen around the world – from Trump’s tariffs to conflict in the Middle East, it seems clear that the world is becoming less and less certain.
“There are many repercussions of the introduction of a levy, but one thing is clear: the longer that unpredictability persists, the greater the risk of losing capital, talent, and long-term investment to countries that offer greater security for individuals, families, and their futures.”
tanvir@dubainewsweek.com
